Ancor Capital acquires DuvaSawko

Ancor Capital Partners has recapitalized Healthcare Billing Systems Inc d/b/a DuvaSawko. Financial terms weren’t announced. Ormond Beach, Florida-based DuvaSawko provides emergency billing, coding, accounts receivable management, and data analytics services. Jim Moskal, of Livingstone, advised DuvaSawko.

PRESS RELEASE

CHICAGO – March 22, 2016. Livingstone, an international mid-market M&A and debt advisory firm, is pleased to announce the recapitalization of Healthcare Billing Systems, Inc. d/b/a DuvaSawko (The “Company”) by Ancor Capital Partners (“Ancor”). Terms of the transaction were not disclosed.

 

DuvaSawko, founded in 1998 by emergency physicians Dr. Charles Duva and Dr. Bill Sawko, is a physician-owned and operated revenue cycle management (“RCM”) company predominantly serving independent emergency physician groups and hospital-based emergency departments. The Company is headquartered in Ormond Beach, Florida, and is recognized as the premier provider of emergency billing, coding, accounts receivable management, and data analytics services. DuvaSawko currently serves clients with over 2.3 million annual emergency room patient visits across nearly 70 locations in 10 states. The Company has established deep, tenured relationships with its clients and boasts a proven track record of successfully increasing client revenues.

 

“From start to finish, we relied heavily on Livingstone’s healthcare expertise and diverse network of strategic and financial buyers,” said Charles Duva, Co-Founder & CEO of DuvaSawko. “We found an ideal partner in Ancor Capital Partners who shares our culture and strategic vision of growth for DuvaSawko.”

 

Jim Moskal, Partner in Livingstone’s healthcare practice, elaborated on the continued demand for revenue cycle management solutions across the industry. “This transaction highlights the increasingly important need for healthcare providers to have high-quality RCM solutions,” he said.  “The shifting reimbursement landscape will only exacerbate this trend.”

 

DuvaSawko marks the third U.S.-based transaction closed by Livingstone’s healthcare practice since the start of 2016. Over the last nine months, the firm has closed six transactions across multiple healthcare subsectors, continuing its track record of matching some of the industry’s most high-profile sellers with established strategic and financial buyers. Notable healthcare transactions Livingstone has announced over the last few months include the sale of home-health franchisor Home Helpers to Linsalata Capital Partners, the sale of home-health provider Infinity HomeCare to Amedisys, and the sale automated external defibrillator provider Cardiac Science Corporation to Aurora Resurgence.

 

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About Ancor Capital Partners

Ancor Capital Partners, based in Fort Worth, Texas, is an operations-oriented private equity firm focused on lower middle-market companies with EBITDA of $5-$15 million. Extensive operational experience gives the Ancor team a unique understanding of the critical business issues faced by lower middle-market companies. Ancor’s proven track record includes 40 acquisitions to date in healthcare, consumer and other industries.

 

About Livingstone

Livingstone is an international mid-market M&A and debt advisory firm of 100 professionals closing 60 transactions around the world each year.